Cryptocurrency Scams Advisory

Released: May 2, 2022 at 8 a.m.

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The Winnipeg Police Service (WPS) would like to advise the public of a recent increase in cryptocurrency investment scams. These scams promise an incredible financial return on investment within a short period of time. Multiple reports have been received whereby victims have suffered significant financial losses.

In two recent investigations, the WPS Cybercrime Investigation Team, with the support of the Canadian Anti-Fraud Centre, traced the fraudulent crypto assets to cryptocurrency accounts held by foreign actors overseas.

As a result, of these investigations, crypto-assets totalling 0.363091 BTC (approximately $18,000 in Canadian funds based on the current value of BTC),) and 0.34 BTC (approximately $17 000 in Canadian funds based on the current value of BTC),) were recovered by the WPS and returned to the victims.

In these particular instances, the victim’s funds were recovered; however, crypto assets are difficult to track and often impossible to recover.

Potential investors should ensure they are dealing with a reputable entity before making any financial transactions.

Further information on cryptocurrency scams can be found on the Canadian Anti-Fraud Centre website.

https://www.antifraudcentre-centreantifraude.ca/index-eng.htm

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